The offering constituted the second tranche of the bridge financing previously announced on 8 April 2014. The Note has a maturity date of 1 April 2015; the conversion price is CAD 0.10 per common share; the interest rate is 10% per year.
The note is also unsecured and ranks equally with other unsecured creditors of Nesscap. Nesscap can prepay the outstanding principal and interest on the Note, in whole or in part, at any time without premium or penalty.
Nesscap products are available in both cells and modules and are used to enhance the performance of modern applications ranging from portable electronic devices to high-performance windmills and green cars. Nesscap products range from 3 farads to 6,200 farads with industry-recognized alternative organic electrolytes. Customers of the Company include transportation, power, and consumer markets.